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Alkami surveyed 400 small businesses to understand how COVID has impacted them and how they feel about the future. We found an underlying shift that is changing the relationship between small businesses and financial providers.
Key insights from the report include:
- Primacy is key. The primary financial institution (PFI) relationship holds sway. The key for FIs is to gain primacy through the deposit account, which is how more than half of SMBs define their PFI relationship. Digital account opening is the onramp to a broader financial relationship with these firms.
- SMBs are investing in their business. 53% of SMBs cited technology as a key investment priority—opening the door for financial providers to grow the relationship.
- FIs have most of the mindshare. More than 60% of SMBs believe the “bank” of the future will be a financial services company (vs. a technology company).
